Countywide sales of previously owned condominiums and townhomes increased more than 7% from April to May, while single-family home sales stayed relatively level, according to data released Monday by the Greater San Diego Association of Realtors.
Attached property sales increased 7.3% from 983 in April to 1,055 in May. Month-over-month sales of single-family homes increased by just 0.7%, from 2,023 in April to 2,037 in May. Property sales have increased each month since January after bottoming out during winter.
Median sales prices for both property types ticked up from April to May and have steadily climbed each month since January, save for attached property prices from March to April. Single-family home prices increased 1.2% from $652,200 in April to $660,000 in May, while attached property prices increased 3.3% from $420,000 in April to $434,000 in May.
“Sellers still have the upper hand in this market,” said SDAR President Kevin Burke. “However, buyers who take the time to research neighborhoods should find more homes for sale than they would have a year ago.”
Year-over-year property sales lagged behind May 2018’s sales totals, according to the SDAR. Single-family home sales were down 7.1%, falling from 2,194 in May 2018 to 2,037 last month while attached properties fell 7.6% — from 1,142 in May 2018 to 1,055 last month.
While year-over-year sales declined, property prices increased during the same period of time. Single-family home prices rose 2.3% in May to $660,000 from $645,000 a year ago, while attached property sales rose 3.2% to $434,000 from $420,500 in May 2018.
Realtors sold 55 single-family homes in Rancho Bernardo West last month, the most of any ZIP code in the county. San Marcos South, Fallbrook, Ramona and Encinitas rounded out the top-five.
–City News Service
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